Re: Proof that Proof of Stake is either extremely vulnerable or totally centralised
So less assume there are no checkpoints to block it.
If the Main Chain is 3 months ahead of your fake chain, (because you purchased old keys)
Detail exactly how you are going to fake the time stamp on your fake chain blocks.
That's simple - you only have to write the corresponding number at the place in the block. You can put any number there.If the Main Chain is 3 months ahead of your fake chain, (because you purchased old keys)
Detail exactly how you are going to fake the time stamp on your fake chain blocks.
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Detail exactly how you are going to fake the required time & hashes between blocks so it's difficulty # matches or exceeds the main chain, while also exceeding the block height.
Difficulty only matters in PoW chains. The attacker only needs to ensure that he has more than 50% of the weight ("chain trust" called in Peercoin) at the moment he forks his attack chain.He achieves this with a double spend - instead of the original transaction of the "old key owner" he places his own transaction in the first fork block, which spends the same coins to another address he owns. From this moment on, both chains become incompatible, but it's trivial to produce the matching block hashes.
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Your Fake chain has to exceed the length of the main chain and has to have a higher difficulty level for it to be accepted over the main chain.
You refer to "chain trust", not to difficulty. If you own 50% of the stake in your chain, then it's trivial to achieve high chain trust values.Quote
* Feel free to demonstrate on any PoS coin you own, and prove your theory. *
* We'll need copies of the main chain and your fake chain as proof. *
That's the point where I disagree with monsterer, I think carrying out the attack is extremely difficult and expensive - not the part "calculating the fake chain", but the part "buying 50% of old keys" or "bribing the holders of 50% of the stake".* We'll need copies of the main chain and your fake chain as proof. *
Calculating a fake chain should be no problem. If I have time I could do that with a short example, but don't expect it tomorrow.
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If someone steals coins with a fake wallet download, the incentive is to sell the stolen coins for profit, not waste effort trying to destroy their ill gotten gain.
It be the same as robbing a bank and then setting the money on fire.
He can combine his attack with a short sell, as written in my last post.It be the same as robbing a bank and then setting the money on fire.
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N@S is not impossible, just an extreme waste of time and resources, which is why no one has ever even bothered to write a multistaking client.
Here I mostly agree.